Mother, May I? The Use of Prior Approval Requirements in Merger Settlements

March 09, 2026

Cadwalader counsel Bilal Sayyed recently joined the Our Curious Amalgam podcast to examine the modern use of prior approval requirements in merger settlements.

Hosted by Anora Wang and Jeny Maier, the discussion explores how prior approval provisions, once viewed as an extraordinary remedy, have reemerged in FTC merger consent orders, what triggered their renewed prominence and how their use has evolved in the current administration. The conversation follows an earlier article written by Bilal in July 2025 in Cadwalader's Quorum newsletter.

Bilal explains how prior approval differs from traditional HSR review and prior notice obligations, when agencies are most likely to seek such provisions and how these terms can affect future deal strategy, risk allocation and negotiations for merging parties.

The episode also considers what the current rise and potential retreat of prior approval signals about broader antitrust enforcement priorities. It also covers what merging parties, buyers and counsel should watch for in upcoming matters.

Listen to the full episode here.